Benefits of Whole Life Insurance

Father and daughter embracing

We know how important life insurance is, and yet more than 40 percent of Americans have no life insurance coverage of any kind, according to the 2015 Insurance Barometer Study by Life Happens and LIMRA.

Why is life insurance so important? Why might you need it? Could you face greater risk NOT buying life insurance than budgeting for it?

Here’s a list of the top five benefits of whole life insurance:

  1. Financial protection against the uncertainties of life – Life insurance gives the peace of mind of knowing that your family has greater financial protection, should something happen to you. For example, the benefit payout could help to pay the rent, the mortgage, credit card debt, school expenses, groceries, or the cost of a new car.
  2. Builds cash value over time – Whole life insurance policies such as the Gerber Life Whole Life Plan1 and Guaranteed Life Plan2 and Grow-Up® Plan3 accumulate cash value over time. It’s like a nest egg for the future.
  3. Access to ready cash for a sudden need or emergency – You can borrow against the cash value of your whole life policy for any need, as long as the premiums are paid. The policy loan interest rate is 8%.
  4. Locked-in premium rate that never goes up – The rate when you start the policy remains the same for as long as you own the policy. Rates are based on age at the time of application, so the sooner you apply, the lower the premium.
  5. Lifelong protection – As long as premiums are paid, you can have coverage throughout the course of your life, even if your health or employment change.

For children, the Gerber Life Grow-Up® Plan3 enables your child to have guaranteed insurability as an adult and opportunities to buy additional insurance, no questions asked, no matter his or her health or occupation.

For adults aged 18 to 60, the Gerber Life Whole Life Plan1 does not require a medical exam in most cases for applicants up to age 50 and who apply for up to $100,000 of coverage.

For adults aged 50 to 80, the Gerber Life Guaranteed Life Plan2 assures guaranteed acceptance, with no health questions or medical exam.

To learn more about the benefits of life insurance and to explore which policy is the best fit for your family’s needs, please contact our Customer Service representatives today by clicking here or by calling us at .

1 Policy Form ICC13-SWLP, Policy Form Series SWLP-13

2 Policy Form ICC12-GWLP, Policy Form Series GWLP-12

3 Policy Form ICC12-GPP, Policy Form Series GPP-12

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